Stocks retreat to start September
Published On Sep 3, 2024, 11:57 AM
The stock market began September on a negative note, with significant declines across major indexes, particularly in technology stocks like Nvidia, which plummeted nearly 10% following disappointing earnings. The Dow Jones lost over 600 points (1.5%), the S&P 500 fell 2.1%, and the Nasdaq Composite dropped 3.3%. This downturn is attributed to investor anxiety ahead of key economic data, including a jobs report that may influence Federal Reserve interest rate cuts. The outlook for September is cautious due to its historical challenges for the markets.
Stock Forecasts
NVDA
Negative
Given the negative momentum seen in the tech sector, particularly with Nvidia's significant drop and ongoing concerns in the semiconductor market, the outlook appears bearish. Investors should prepare for potential continued declines in tech-related stocks until clearer signals emerge from upcoming economic reports.
AVGO
Negative
As Nvidia's disappointing earnings have directly impacted investor sentiment in the tech sector, other chip manufacturers like Broadcom and Qualcomm may follow suit. If investor concerns persist, these stocks might face additional selling pressure as the market recalibrates expectations ahead of economic data releases.
BA
Negative
Boeing's stock is facing downward pressure due to operational challenges and potential labor strikes. Given the current risks and recent price target cuts, the outlook for Boeing remains pessimistic in the short term.
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